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Arrival (NASDAQ:ARVL) stock is sliding on Thursday following the release of the company's earnings report for the second quarter of 2022.
That earnings report includes a loss of $89.6 million for the second quarter of the year. That's a wider loss compared to the $56.2 million reported during the second quarter of 2021.
Arrival also notes that cash and cash equivalents at the end of Q2 total $512.6 million. It also set up an at-the-market stock offering that will allow it to sell $300 million worth of shares.
Adding to the negative news is a revenue warning for 2022. The company says it only expects to deliver 20 of its electric vans to customers in the fourth quarter of 2022. As such, it doesn't expect to report revenue this year.
It's worth noting that this isn't the only recent bad news to come from Arrival. Reports from earlier this week alleged that it's delaying some of its other EV projects. That includes plans to develop electric cars and buses.
According to insiders, Arrival doesn't have enough cash on hand to explore other EV projects. As such, it's looking to focus on its electric vans first. The hope is that it will generate enough revenue from them to resume its other EV projects.
ARVL stock is down 19.6% as of Thursday afternoon. The stock is also down 80.8% since the start of the year.
Investors seeking out more recent stock market news are in the right place!
InvestorPlace is home to all of the latest stock market news traders need to know about! For Thursday, that includes what's going on with shares of Li Auto (NASDAQ:LI) stock, recent Cathie Wood investments, and what has shares of Archer Aviation (NYSE:ACHR) stock rising. You can find all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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